What is a Secured Loan?
A Secured Loan is a short-term loan that uses one or more items as collateral. It’s called a Secured Loan because the loan is secured by the value of the item(s).
The value of Gold Standard Secured Loans can range from $100-$10,000. The loan amount offered is based solely on the market value of the item(s) used as collateral, so there is no employment or income information required.
Items that we will consider as collateral for a Secured Loan include:
Gold, Silver and Platinum Jewelry, Coins, Bullion
Designer Bags, such as Louis Vuitton, Chanel & Prada
Luxury Watches, such as Rolex, Cartier & Omega
Don't have collateral? If you're currently employed, you may qualify for a Payday Advance.
How Do I Apply for a Secured Loan?
1. Bring in an item you’d like to use as collateral.
2. We appraise your item and make you a loan offer.
All items are tested or authenticated as needed and we also research the resale market for your item. This can typically be done while you wait, though for certain unique items we may take up to 48-hours.
For most jewelry and coins, our offers are typically based on the metal value (check out our Gold & Silver calculator for an estimate). For all other items, our offers are based on 50%-80% of the expected resale value rather than a replacement or insurance appraisal value.
3. You accept our offer and we give you cash.
If you’re happy with the offer, we go over the loan terms, take your contact information, and give you your cash. Your item(s) are carefully
cataloged and securely stored.
Note: You are not required to take the full offer amount - only as much as you need!
4. You repay the loan and we return your item.
Once the original loan amount and any outstanding fees are repaid, we return your item to you just the way we received it. You're always free to use the same item again for another loan in the future.
How much does a Secured Loan Cost?
Our standard service fee is 15% per month ($15 per $100 borrowed), though the fee may be less for high value loans or for customers with an established loan history at Gold Standard.
The service fee is the minimum payment due each month; any further payment is deducted from the principal and will lower the service fee for the next period.
There are no late fees or legal penalties for walking away from a secured loan, but the item(s) used as collateral will be forfeited.
Note: Customers may opt for automatic payments to avoid the risk of losing an item!
DID YOU KNOW...
A Gold Standard Secured Loan can sometimes be less expensive than bouncing a cheque or over-drafting a bank account?